KANBAWZA Bank (KBZ Bank) Limited, part of the KBZ Group of companies, announced yesterday that it has opened a USD settlement account with international bank Sumitomo Mitsui Banking Corporation’s New York branch (SMBC New York), to offer streamlined remittance services that enable faster, more convenient trade financing and transactions between Myanmar and the United States, it was announced yesterday at a news conference.

Mr. Nobuyasu Akagi, General Manager of SMBC Yangon and U Win Lwin, Managing Director of the International Banking Division of KBZ Bank, delivered opening addresses and replied to questions raised by the media.

The arrangement allows KBZ Bank to centralise its USD clearing services through SMBC New York, which also improves the management of fees for transactions as a result of having to process transfers via different banks with varying respective costs.

“We would like to congratulate our partner, KBZ Bank, on this momentous development. As KBZ Bank is the biggest private bank in Myanmar, we believe that supporting them with our best effort in many ways, means we are strongly participating in the development of the Myanmar economy and financial market. The opening of a USD account as a Myanmar private bank is a good example of how Myanmar financial institutions are committed to join the international community,” said Mr. Nobuyasu Akagi, the General Manager of SMBC Yangon, at the news conference held at Strand Square in Yangon yesterday.

This development will spur business growth between both countries, with KBZ Bank customers now able to utilise SMBC New York’s 24-hour USD clearing service, which eliminates cutoff times for transfers.

The press conference was also attended by diplomats from the US Embassy in Yangon, responsible personnel of the SMBC, U Than Cho, Vice-Chair-man-2 of KBZ Bank, U Maung Maung, Vice-Chairman-3, responsible personnel of the KBZ Bank Ltd and members of the media.

Reference: The Global New Light Of Myanmar